A River Oaks mansion that once belonged to Houston real estate royalty has changed hands in one of the city’s priciest home transactions on record.
An LLC tied to George DeMontrond III and Marilyn DeMontrond, who own more than a dozen auto dealerships across the country, bought the 17,000-square-foot estate at 2920 Lazy Lane Boulevard, the Houston Chronicle reported.
Although the sale price was not disclosed, the Houston Association of Realtors confirmed that it was Houston’s second most expensive home sale ever, trailing a Memorial-area mansion that sold for $21 million in 2022.
The Italian-inspired villa was formerly owned by Gerald D. Hines, a legendary Houston real estate player who developed the Galleria mall, the Waterwall and Williams Tower in Uptown, along with the JPMorgan Chase Tower and TC Energy Center downtown. Hines died in 2020 at the age of 95, but his namesake company lives on with his son and granddaughter at the helm, continuing to embark on large-scale projects in the Houston area and beyond.
The mansion carried an asking price of $20 million, after initially hitting the market at $34.5 million in 2021. Mark Menendez of Douglas Elliman represented the sellers, while Nan & Co. Properties’ Nancy Almodovar represented the buyer.
Hines and his wife, Barbara, tapped New York-based Robert A.M. Stern Architects to design their home, which was inspired by their trips to Tuscany. The mansion, built in 1992, has five bedrooms, nine full bathrooms, a library with leather-tiled floors, a circular main dining room and a saloon adorned with custom timber woodwork.
The property, spanning over 4.5 acres above Buffalo Bayou, features lush gardens, lawns, terraces and a full tennis court. In addition, a 3,000-square-foot atrium houses an enclosed pool, accompanied by a detached guest house.
The sale is reflective of Houston’s growing ultra-luxury market. Sales above the $10 million threshold surged by 75 percent in the Bayou City last year, the outlet reported, citing Compass.
—Quinn Donoghue
